US Department of Energy lowers Brent price forecast for 2023 by 8% to $78.65 – Kommersant
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The US Department of Energy has lowered its Brent oil price forecast for 2023 from $85 per barrel to $78.65, by almost 8%. About it informs Energy Information Administration (EIA; part of the US Department of Energy). The forecast for 2024 is also lowered by about 8%, from $81 to $74.5.
According to the management, the price of Brent oil in 2023 is $78.65 per barrel, in 2024 – $74.47. In 2021, the price, according to the forecast, was $70.89, in 2022 – $100.94. The forecast for 2024 has also been lowered, previously it was $81.2.
The spot price of Brent crude fell from an average of $85 per barrel in April to $73 as of May 4. In early April, OPEC and partner countries (OPEC+) announced a cut in oil production by 1.2 million barrels per day until the end of 2023, which led to an increase in crude oil prices. “However, the expected worsening of global economic conditions, the perceived risk associated with the global banking sector, and continued inflation outweighed the initial increase in oil prices and led to lower prices,” the EIA said.
Brent oil today, May 9, became cheaper 1.1%, to $76.1 per barrel, WTI oil also fell by 1.1%, to $72.34.
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